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Richard Musgrave (economist)
Richard Abel Musgrave (December 14, 1910 – January 15, 2007) was an American economist of German heritage.Peter Mieszkowski, updated by the editors, 2008. "Musgrave, Richard Abel (1910–2007)," '' The New Palgrave Dictionary of Economics'', 2nd edAbstract./ref> His most cited work is ''The Theory of Public Finance'' (1959), described as "the first English-language treatise in the field," and "a major contribution to public finance thought." Biography Early life Musgrave was born in Königstein im Taunus, Germany, into the family of a writer and translator Curt Abel Musgrave, a chemist by profession. His paternal grandfather (professor of linguistics at the Berlin Humboldt Institute Carl Abel) and maternal grandmother were Jewish but converted to Christianity. He turned from the field of literature, with an interest in becoming a stage director, to philosophy and economics at the Universities of Munich and Heidelberg (Diplom-Volkswirt, 1933), then at Harvard (Ph.D., 1937). ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Königstein Im Taunus
Königstein im Taunus (, ) is a health spa and lies on the thickly wooded slopes of the Taunus in Hesse, Germany. The town is part of the Frankfurt Rhein-Main Regional Authority, Frankfurt Rhein-Main urban area. Owing to its advantageous location for both scenery and transport on the edge of the Frankfurt Rhine Main Region, Königstein is a favourite residential town. Neighbouring places are Kronberg im Taunus, Glashütten (Taunus), Glashütten, Schwalbach am Taunus, Bad Soden am Taunus and Kelkheim. Geography Neighbouring communities Königstein borders – from northwest to east – on the communities of Glashütten (Taunus), Glashütten, Schmitten, Germany, Schmitten, Oberursel, and Kronberg im Taunus, Kronberg (all four in the Hochtaunuskreis), and from southeast to southwest on Schwalbach am Taunus, Schwalbach, Bad Soden and Kelkheim (all three in the Main-Taunus-Kreis). Constituent communities Besides the main town, which bears the same name as the whole, Königstein ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University
A university () is an educational institution, institution of tertiary education and research which awards academic degrees in several Discipline (academia), academic disciplines. ''University'' is derived from the Latin phrase , which roughly means "community of teachers and scholars". Universities typically offer both undergraduate education, undergraduate and postgraduate education, postgraduate programs. The first universities in Europe were established by Catholic Church, Catholic monks. The University of Bologna (), Italy, which was founded in 1088, is the first university in the sense of: *being a high degree-awarding institute. *using the word (which was coined at its foundation). *having independence from the ecclesiastic schools and issuing secular as well as non-secular degrees (with teaching conducted by both clergy and non-clergy): grammar, rhetoric, logic, theology, canon law and notarial law.Hunt Janin: "The university in medieval life, 1179–1499", McFarland, 2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Emeritus
''Emeritus/Emerita'' () is an honorary title granted to someone who retires from a position of distinction, most commonly an academic faculty position, but is allowed to continue using the previous title, as in "professor emeritus". In some cases, the term is conferred automatically upon all persons who retire at a given rank, but in others, it remains a mark of distinguished performance (usually in the area of research) awarded selectively on retirement. It is also used when a person of distinction in a profession retires or hands over the position, enabling their former rank to be retained in their title. The term ''emeritus'' does not necessarily signify that a person has relinquished all the duties of their former position, and they may continue to exercise some of them. In descriptions of deceased professors emeriti listed at U.S. universities, the title ''emeritus'' is replaced by an indication of the years of their appointments, except in obituaries, where it may be us ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Economy
Political or comparative economy is a branch of political science and economics studying economic systems (e.g. Marketplace, markets and national economies) and their governance by political systems (e.g. law, institutions, and government). Widely-studied phenomena within the discipline are systems such as labour market, labour and international markets, as well as phenomena such as Economic growth, growth, Distribution of wealth, distribution, Economic inequality, inequality, and International trade, trade, and how these are shaped by institutions, laws, and government policy. Originating in the 18th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and Neoclassical economics, modern economics. Political economy originated within 16th century western moral philosophy, with theoretical works exploring the administration of states' wealth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austrian Economics
The Austrian school is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic principles of human action.Ludwig von Mises. Human Action, p. 11, "Purposeful Action and Animal Reaction". Referenced 2011-11-23. The Austrian school originated in 1871 in Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical school, in a dispute known as '' Methodenstreit'', or methodology quarrel. Current-day economists working in this tradition are located in many countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian school are the subjective theor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Historical School Of Political Economy
The German historical school of economics was an approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway there until well into the 20th century. The professors involved compiled massive economic histories of Germany and Europe. Numerous Americans were their students. The school was opposed by theoretical economists. Prominent leaders included Gustav von Schmoller (1838–1917), and Max Weber (1864–1920) in Germany, and Joseph Schumpeter (1883–1950) in Austria and the United States. Tenets The historical school held that history was the key source of knowledge about human actions and economic matters, since economics was culture-specific, and hence not generalizable over space and time. The Historical School of Economics, in addition to rejecting the universal validity of economic theorems and emphasizing an empirical and historical approach, drew significant methodological influence from the historism of Leopold ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
De-merit Good
In economics, a demerit good is "a good or service whose consumption is considered unhealthy, degrading, or otherwise socially undesirable due to the perceived negative effects on the consumers themselves"; it could be over-consumed if left to market forces of supply and demand. Examples of demerit goods include tobacco, alcoholic beverages, recreational drugs, gambling and junk food. Because of the nature of these goods, governments often levy taxes on these goods (specifically, sin taxes), in some cases regulating or banning consumption or advertisement of these goods. Concept There is an important conceptual distinction between a demerit good and a negative externality. A negative externality occurs when the consumption of a good has measurable negative consequences on others who do not consume the good themselves. Pollution (due, for example, to automobile use) is the canonical example of a negative externality. By contrast, a demerit good is considered as undesirable becaus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merit Good
The economics concept of a merit good, originated by Richard Musgrave (1957, 1959), is a commodity which is judged that an individual or society should have on the basis of some concept of benefit, rather than ability and willingness to pay. The term is, perhaps, less often used presently than it was during the 1960s to 1980s but the concept still motivates many economic actions by governments. Examples include in-kind transfers such as the provision of food stamps to assist nutrition, the delivery of health services to improve quality of life and reduce morbidity, and subsidized housing and education. Definition A merit good can be defined as a good which would be under-consumed (and under-produced) by a free market economy, due to two main reasons: # When consumed, a merit good creates positive externalities (an externality being a third party/spill-over effect of the consumption or production of the good/service). This means that there is a divergence between private benefit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FinanzArchiv
''FinanzArchiv'' (Public Finance Analysis) is an international academic journal of economics published quarterly by Mohr Siebeck, Tübingen, Germany. The journal publishes high quality papers in all fields of public finance, such as taxation, public debt, public goods, public choice, federalism, market failure, social policy and the welfare state. Overview ''FinanzArchiv'' was first published in 1884, which makes it one of the world's oldest professional journals in economics. In 2006 the traditional title was complemented by the English sub-title Public Finance Analysis. Its founder and first editor from 1884 to 1931 was Georg von Schanz, the inventor of the Schanz-Haig-Simons concept of comprehensive income. The list of subsequent editors includes Hans Teschemacher, Fritz Neumark, Norbert Andel, Helga Pollak, Wolfgang Wiegard, Wolfram F. Richter, Hans-Werner Sinn, James R. Hines, Peter Birch Sørensen, Bernd Genser, Harry Huizinga, Jenny Ligthart, and Christian Keuschnigg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Redistribution
Redistribution of income and wealth is the transfer of income and wealth (including physical property) from some individuals to others through a social mechanism such as taxation, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law. The term typically refers to redistribution on an economy-wide basis rather than between selected individuals. Understanding of the phrase varies, depending on personal perspectives, political ideologies and the selective use of statistics. It is frequently used in politics, to refer to perceived redistribution from those who have more to those who have less. Rarely, the term is used to describe laws or policies that cause redistribution in the opposite direction, from the poor to the rich. The phrase is sometimes related to the term ''class warfare'', where the redistribution is alleged to counteract harm caused by high-income earners and the wealthy through means such as unfairness and discrimination ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Normative Economics
Normativity is the phenomenon in human societies of designating some actions or outcomes as good, desirable, or permissible, and others as bad, undesirable, or impermissible. A norm in this sense means a standard for evaluating or making judgments about behavior or outcomes. "Normative" is sometimes also used, somewhat confusingly, to mean relating to a descriptive standard: doing what is normally done or what most others are expected to do in practice. In this sense a norm is not evaluative, a basis for judging behavior or outcomes; it is simply a fact or observation about behavior or outcomes, without judgment. Many researchers in science, law, and philosophy try to restrict the use of the term "normative" to the evaluative sense and refer to the description of behavior and outcomes as positive, descriptive, predictive, or empirical. ''Normative'' has specialized meanings in different academic disciplines such as philosophy, social sciences, and law. In most contexts, normativ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Positive Economics
Positive is a property of Positivity (other), positivity and may refer to: Mathematics and science * Positive formula, a logical formula not containing negation * Positive number, a number that is greater than 0 * Plus sign, the sign "+" used to indicate a positive number * Positive operator, a type of linear operator in mathematics * Positive result, a result that has been found significant in Statistical hypothesis test, statistical hypothesis testing * Positive test, a diagnostic test result that indicates some parameter being evaluated was present * Positive charge, one of the two types of electrical charge * Positive (electrical polarity), in electrical circuits * Positive lens, in optics * Positive (photography), a positive image, in which the color and luminance correlates directly with that in the depicted scene * Positive sense, said of an RNA sequence that codes for a protein Philosophy and humanities * Affirmative (policy debate), the team which affirms the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
